BLS International registers 301% growth in Q1 FY18


BLS International Services (BLS) has declared its financial results for the first quarter ended June 30, 2017. The company reported net profit of INR 29.06 crore for Q1 FY18, up by 301 per cent, as compared to INR 7.25 crore in the corresponding quarter of last fiscal. The company’s Q1 FY18 PAT margin stood at 14.9 per cent, as compared to 5.8 per cent in Q1 FY17.

Total Income for the quarter ended June 2017 stood at INR 195.07 crore, up by 57.06 per cent, as compared to INR 124.20 crore in the same period last year. The company’s earnings before interest, tax, depreciation and amortization (EBITDA) in Q1 FY18 stood at INR 43.27 crore, up 467.85 per cent. Its EBITDA margin improved from 6.15 per cent in Q1 FY17 to 22.18 per cent in Q1 FY18. Earnings per share (EPS) for the quarter ended Q1 FY18 stood at INR 2.84, as compared with INR 0.71 (adjusted for 10:1 split) for the quarter ended Q1 FY17.

Commenting on the financial performance, Shikhar Aggarwal, joint managing director, BLS, said, “The exponential results have given a good start to Q1 FY18 which eventually translated the efforts of entire team. These results are a reflection of the pace at which the company is growing that is likely to continue for the next quarters as well. We anticipate further expansion of business in this FY18 with new projects in domestic as well as international market. Our endeavour is to be the preferred service provider for all governments and diplomatic missions in India and overseas.”

The increase in the top line is led by Spain project coupled with expanding reach of the company in domestic market with front end and citizen service project. So far BLS has opened 118 offices in 43 countries for the Spain project and will be processing 1.8 million applications in the current financial year.

The company also recently signed the contract with Islamic Republic of Afghanistan in UAE representing the Afghanistan mission in UAE, Qatar, Oman, Bahrain and Kuwait. Under this partnership, BLS will be commencing eight offices providing consular services through registration of Afghan citizens, etc.